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Everything you need to know about CV’s

We strive to keep Wellington property owners up to date with the latest property information.

Here is another interesting Wellington real estate related news article that we thought may provide you with helpful information.

Wellington’s new Council Valuations were released this week on the 7th of November. The residential house prices jumped up an average 44.6 per cent over the last three years with affordable suburbs, such as Newlands and Tawa experiencing the biggest increases.

What is CV?

An estimate of the worth of a property at the time the valuation is published by the council.

How are CVs calculated?

CV’s are calculated in a similar way to the homes.co.nz monthly HomesEstimate. A complex algorithm analyses the sales in an area and the features of similar properties around it. Few properties are physically examined each year (e.g. when building consents are signed off) to help improve the valuations as well.

How often are CVs updated?

Councils update CVs every three years. Wellington has just been updated and Hamilton is due for a CV update next week. To check the most up-to-date CV for your home visit homes.co.nz.

Is your CV out-of-date?

Since CVs are calculated every 3 years, your CV may no longer be an actual reflection of what your property would sell for. For the most up-to-date estimate of the market value, check your HomesEstimate by visiting homes.co.nz. Register and receive monthly updates.

If your CV increases, will your rates increase as well?

Not necessarily, although rates bills often rise with house values. There are other factors to consider – these include how your suburb has performed relative to others in your city and changes to the total housing stock. As the housing stock in a Council’s area grows, there are more properties that share the total rates bill.

How do the median HomesEstimates compare to the median Council Valuations?

As many of you have been keeping up with the HomesEstimate, we compared our median HomesEstimates to the median Council Valuations. The below table will provide a good perspective of the entire Wellington region and give you all the information you need to keep up with the CV update in Wellington suburbs.

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